ICYMI: Joint Economic Committee Chairman Martin Heinrich on MSNBC’s José Díaz-Balart Reports: Fed Rate Cut Will Ease Pain for Consumers, Strengthen Economy

WASHINGTON - In an interview this morning with José Díaz-Balarton MSNBC, U.S. Senator Martin Heinrich (D-N.M.), Chairman of the Joint Economic Committee (JEC),applauded the Federal Reserve's decision to cut interest rates, highlighting how it will bring overdue relief for working people shouldering the burden of inflation and high costs.

Heinrich, who has been calling on the Federal Reserve to cut interest rates for months now, also touted how Democrat-passed laws like the CHIPS and Science Act and Inflation Reduction Act arecreating jobs, reinvesting in New Mexico's workforce, and bolstering our supply chain to bring costs down.

VIDEO:Heinrich joins MSNBC to discuss how the Federal Reserve's decision to cut interest rates will benefit working people and strengthen the economy

On interest rate cuts:

"This is great news for consumers. This will ease the pain that we've been feeling from interest rates we've been operating under for many months now. But it also helps the economy, because reducing these rates really does take some of the risk in the job market from high rates away."

On work to lower costs & create jobs:

"You know, the stock market is in a great place, and that's how a lot of my Republican colleagues measure the economy. But what I care about is interest rates. What I care about is inflation, and what I care about is job numbers. And so, we're headed to a much better place from the perspective of individual consumers."

On reinvesting in New Mexico's workforce and making things in America again:

"One of the things that we learned from the complete destruction of our supply chains is that we need to make things in America again - especially mission critical items. So, passing things like the CHIPS and Science Act that actually gets us to make those chips in New Mexico again.That's one of the ways that we insulate ourselves from the kind of supply chain disruption that raised inflation in every country on the globe.We've been able to manage it back down faster than any nation on the planet, but it still hurts, and so there is more work to be done."

Watch the full interview here.

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